Saudi Arabia signs $50 billion deals at Future Investment Initiative

Saudi Aramco said it signed 15 memoranda of understanding worth $34 billion.

Saudi Arabia signed deals worth $50 billion on Tuesday at the Future Investment Initiative nicknamed "Davos in the Desert".  Crown Prince Mohammed bin Salman arrived at the investment conference late in the day, declaring he was satisfied with the conference as he toured the venue.
"Great, more people more money," he told reporters.
Many in the audience of over 2,000 clapped or cheered as the prince, the kingdom's architect of its reform drive, entered the main hall, smiling as he sat down.  The UAE delegation to the conference was led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Earlier, Saudi Energy Minister Khalid Al Falih assured the investment conference that the world's top crude exporter was passing through a "crisis of a sort" but would power ahead with economic reforms.
The chief executive of Saudi Aramco said the government remained committed to a partial flotation of the oil giant but that the timing would depend on market conditions and other factors.  Hundreds of bankers and company executives joined officials at a palatial Riyadh hotel for the Future Investment Initiative. Russia sent a large delegation led by Direct Investment Fund head Kirill Dmitriev. He said that the Saudi drive for economic and social reform could not be ignored.  "Saudi Arabia's reforms are important and they are worth supporting," Dmitriev said.
Saudi Arabia signed 25 deals worth $50 billion on Tuesday in the oil, gas, industries and infrastructure sectors with firms such as Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes. Saudi Aramco said it signed 15 memoranda of understanding worth $34 billion.
Total chief executive Patrick Pouyann, a panellist on Tuesday, said the French oil and gas producer would announce a retail network in the kingdom with Saudi Aramco.

• Saudi Arabia